# Changelly KYC Limits: A Comprehensive Guide

Understanding KYC Limits

Know-Your-Customer (KYC) regulations are essential measures implemented by financial institutions to prevent money laundering and other illicit activities. Changelly, a popular cryptocurrency exchange, also complies with KYC requirements, imposing certain limits on users who have not completed the KYC process.

Verification Tiers and Limits

Changelly operates with three verification tiers that determine the limits for transactions:

• Unverified: No KYC verification required. Limit: EUR 5,000 (or equivalent) per transaction, EUR 10,000 (or equivalent) per month.
• Verified: Basic personal information (e.g., name, email, residential address) required. Limit: EUR 50,000 (or equivalent) per transaction, EUR 200,000 (or equivalent) per month.
• Fully Verified: Enhanced KYC verification involving photo ID, proof of address, and other supporting documents. Limit: Up to EUR 200,000 (or equivalent) per transaction, no monthly limit.

Benefits of Completing KYC

While KYC requirements may seem restrictive, there are several benefits to completing the verification process:

• Increased Transaction Limits: Unlocking higher transaction and withdrawal limits.
• Enhanced Security: KYC verification helps protect against fraud and identity theft.
• Access to Exclusive Features: Some services and features may be restricted to verified users.
• Compliance with Regulations: Complying with KYC regulations is a legal requirement in many jurisdictions.

Why KYC Matters

KYC regulations are crucial for:

• Combating Money Laundering: Tracing illegal financial transactions and preventing criminals from disguising illicit funds.
• Preventing Terrorist Financing: Blocking the flow of funds to terrorist organizations.
• Protecting Consumers: Safeguarding users from financial scams and fraud.

Tips and Tricks

• Complete KYC Verification: Get verified to unlock higher limits and access additional features.
• Use Multiple Accounts: If you regularly exceed the KYC limits, consider creating multiple accounts under different tiers.
• Use Third-Party Services: Some platforms offer services that allow users to aggregate transaction limits across multiple exchanges.

Interesting Stories

Story 1:

A novice cryptocurrency investor, named Maya, made the mistake of not verifying her Changelly account. When she tried to withdraw her earnings, she hit the EUR 10,000 monthly limit and was unable to access her funds. Panicked, she contacted Changelly support, only to realize she had to complete KYC verification first. The lesson: Verify your account promptly to avoid unexpected limits.

Story 2:

Kevin, a seasoned cryptocurrency trader, needed to conduct a large transaction but his Changelly account was only verified at the unverified tier. To bypass the limits, he ingeniously created multiple accounts under different names and nationalities. However, Changelly identified these accounts as linked and suspended all of them. The lesson: Circumventing KYC limits ethically is crucial.

Story 3:

A group of friends decided to pool their funds to invest in cryptocurrency using Changelly. They created a shared account but forgot to designate one person as the primary account holder. When they tried to withdraw their earnings, they discovered that the account had reached the monthly limit. The lesson: Clearly define roles and responsibilities when using shared accounts.

Useful Tables

FAQs

1. Why do I need to complete KYC verification?
To comply with regulations and protect against financial crimes.

2. What documents are required for KYC verification?
Government-issued photo ID, proof of address, and other supporting documents.

3. How long does KYC verification take?
Typically a few business days to process.

4. Can I increase my transaction limits without KYC verification?
No, KYC verification is required to increase limits.

5. What happens if I exceed my KYC transaction limits?
Your transactions will be restricted until you complete KYC verification.

6. Is KYC verification a one-time process?
No, it may need to be updated regularly to ensure your information is up-to-date.

7. Are there any fees for KYC verification?
Changelly does not charge fees for KYC verification.

8. What are the risks of not completing KYC verification?
Limited transaction limits, potential account suspension, and legal penalties.